US July Budget Deficit Up 20% Year-Pver-Year Despite Record Trump Tariff Income

[kyzr]

Biden's budget was not passed last year for this year. Republicans controlled both the house and senate....it was their budget or continuing resolution....they did not pass Biden's budget request.

Passing that budget was a mess, it was by CR and bipartisan

2025 United States federal budget - Wikipedia

en.wikipedia.org

Subsequently, House Speaker Mike Johnson proposed a clean continuing resolution, the Continuing Appropriations and Extensions Act, 2025 (H.R. 9747, Pub. L. 118–83 (text) (PDF)), funding the government until December 20. The bill passed the House on September 25 by a vote of 341 to 82 and the Senate on September 25 by a vote of 78 to 18; it was signed into law by President Biden on September 26.

 

[leftwinger]

Biden's budget was not passed last year for this year. Republicans controlled both the house and senate?....it was their budget or continuing resolution....they did not pass Biden's budget request.

Right CR with baked in $2T NGD & Inflation reduction act spending lol! Spend to cut inflation. Nice one!

Notice deep state R go along with any spending either side you dumb Baboon. Not much outrage? If Obiden asks for Ukraine money they grant 2X.

 

[Concerned American]

Shop.

Walgreens | Walgreens

Shop 3/$13.99 Coca-Cola 12-Packs and other products at Walgreens. Pickup & Same Day Delivery available on most store items.

www.walgreens.com

Waiters don’t make $20 an hour for the most part.

Most don’t report their tips anyway.

The whole thing is a nothing-burger....but as with all things Trump...he says it’s a big deal so idiots like you fully believe it. You’re a useful idiot.

Sure blame Trump for your laziness in filing your taxes. Blame Trump for Biden's budget. Blame Trump for Biden's inflation and worst of all give Biden kudos for raising fuel prices to the highest level in the history of the nation. LMAO, Thanks for being transparent. BTW, are you still paying $8 for a 12 pack of Coke when you can get it at Walgreens for $4.50?

 

[Concerned American]

Wow...your link says it’s not $7....Its $10.99 each.

View attachment 1149288

Thanks for the ammo.

Read my link. What part of 3 for $14 do you not understand. That is $4.50 a 12 pack for the mathematically challenged. Now run along. You're an ignorant troll.

 

[leftwinger]

2Liter bottles Diet Coke are $2.50-$3 now. Back in normal times they were often found $0.99 at WalMart. I never buy the cans.

Barbasol shave cream in the same boat lol!

 

[0311]

WASHINGTON (AP) — The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.

US July budget deficit up 20% year-over-year despite record Trump tariff income

The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year.

apnews.com

The U.S. saw a 273% increase — or $21 billion — in customs revenue in July over the same period last year, the data showed.

A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government’s gross national debt creeps up to the $37 trillion mark.

Nobel winning economists warned this would happen. Trump ignored the warning. The U.S. Economy pays the price.

 

[IM2]

Thank you. We are currently operating under the Biden admin's budget. Educate yourself.

https://www.whitehouse.gov/wp-content/uploads/2024/03/budget_fy2025.pdf

Don't even try it. You guys are trying to give trump credit for things but when things don't look good for Trump it's Bidens. You raggedy chumps did the same thing last time. Just face the fact that what trump is doing is ruining our cuntry and deal with it.

 

[0311]

Should read as:

23% increase.

 

[IM2]

Funny, when President Trump moves to stop the previous spending, like funding USAIDS, you lefties scream like hell.

Now you’re claiming it’s his fault he didn’t stop more spending.

You people are such hypocrites.

He should not have stopped funding USAID. But you idiots fall for every lie told to you by Trump. He did not stop military spending, which was what needed to be cut.

 

[leftwinger]

Don't even try it. You guys are trying to give trump credit for things but when things don't look good for Trump it's Bidens. You raggedy chumps did the same thing last time. Just face the fact that what trump is doing is ruining our cuntry and deal with it.

By degault very single measure is better with common sense and always worse with your boys in charge you dumb OX. We don't have to do anything but stop you from mucking it up this time around. Even if that means street fighting.

 

[Robert W]

WASHINGTON (AP) — The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.

US July budget deficit up 20% year-over-year despite record Trump tariff income

The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year.

apnews.com

The U.S. saw a 273% increase — or $21 billion — in customs revenue in July over the same period last year, the data showed.

A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government’s gross national debt creeps up to the $37 trillion mark.

Nobel winning economists warned this would happen. Trump ignored the warning. The U.S. Economy pays the price.

Good report of the Biden budget that still is in force until October 1, then Trumps budget kicks in. Trump did gather way more revenue and still the Biden budget produced no balanced budget or small deficit.

 

[leftwinger]

Debt $9T pre Obama. Let that sink in you pencil necked small peanut headed clowns.

 

[22lcidw]

Listen. Here's what you need to understand.

In June, when there was a tiny surplus, all credit went to Trump. The MAGA cult could not stop praising his awesomeness for that itsy bitsy surplus.

For July, with the deficit being over ten times greater than June's surplus? That's Biden's fault.

You might think I'm joking, but that is literally how the MAGA cult hivemind works.

.

Tell us about the individualistic tough bulwark looking Progressive voters. If we did the right thing we would do the tough cuts needed. The second choice is if Trump's legislation does not work, is to increase the size of government each year less than the official yearly inflation.

 

[Robert W]

He should not have stopped funding USAID. But you idiots fl fr every lie told to you by Trump. He did stop military spending, which was what needed to be cut.

Trump saved billions of dollars by stopping USAID. Trumps budget starts in a month and a half, October 1. Biden's budget still is operational.

 

[0311]

He should not have stopped funding USAID. But you idiots fl fr every lie told to you by Trump. He did stop military spending, which was what needed to be cut.

He hurt one whole hell of a lot of American Farmers when he did that. The law of unintended consequences.

 

[leftwinger]

More hogwash in-going back to Obiden 1.0. Like wasted corrupt USAID handouts to dirty NGO.

In a historic move aimed at addressing longstanding racial inequities, the U.S. Department of Agriculture (USDA) has announced a $2 billion payout to Black farmers, ranchers, and forest landowners under the Inflation Reduction Act’s Discrimination Financial Assistance Program (DFAP).

 

[IM2]

He hurt one whole hell of a lot of American Farmers when he did that. The law of unintended consequences.

I know. Kansas farmers were hurt bad by this. But they voted for Trump so I don't feel sorry for them.

 

[Moonglow]

A Treasury official who spoke on the condition of anonymity.....

I don't believe you nor the AP.

I don't believe you.

 

[Moonglow]

There is no tax increase on the middle class.

The bill just made Overtime and tips totally tax free.

Once again, you are LYING.

Effective January 1, 2025, under the One Big Beautiful Bill Act (OBBBA), a new temporary federal income tax deduction allows eligible individuals to deduct up to $12,500 of qualified overtime compensation. This deduction applies specifically to the "half" portion of "time-and-a-half" overtime pay as required by the Fair Labor Standards Act (FLSA), according to the IRS.

Here's how it works:

• Deduction Amount: The maximum deduction is $12,500 for single filers and $25,000 for married couples filing jointly.
• Qualified Overtime: Only overtime pay that is legally required under the FLSA, meaning hours worked beyond 40 in a week for non-exempt employees, qualifies for the deduction. Overtime based on state laws or contractual agreements may not be eligible unless it also meets FLSA requirements.
• Income Limits: The deduction starts to phase out for individuals with modified adjusted gross income exceeding $150,000 ($300,000 for joint filers).
• Federal Income Tax Only: It's crucial to understand that this deduction applies only to federal income tax. Overtime pay remains subject to federal payroll taxes (Social Security and Medicare) and potentially state income taxes, depending on your state's laws.
• Deduction Timing: For 2025, employees will claim this deduction when filing their annual tax returns, rather than seeing it reflected in their paychecks. The IRS is expected to provide revised withholding guidance and potentially Form W-4 updates for future tax years, says H&R Block.

Important Note: This provision is currently temporary and set to expire after December 31, 2028, unless extended by Congress

 

[Moonglow]

Tips have a $25,000 limit.